Siebert Financial Corp. (NASDAQ: SIEB)
(“Siebert”), a diversified provider of financial services,
today reported financial results for the second quarter ended June
30, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230807022960/en/
Second Quarter 2023 Financial Highlights
- Revenue of $17.6 million compared to $11.7 million in the
second quarter of 2022
- Net income available to common stockholders of $2.7 million
compared to $0.7 million in the second quarter of 2022
- Earnings per share of $0.07 compared to $0.02 in the second
quarter of 2022
- Total retail customer net worth of $15.2 billion, an
improvement compared to $13.5 billion at the end of 2022
Recent Business Highlights
- Closed the previously announced $17.4 million investment by
Kakao Pay Corp. (“Kakao Pay”) in Siebert on May 18, 2023
- Announced the appointment of John J. Gebbia as CEO and Chairman
of Siebert as well as Simon Shin to Siebert’s Board of Directors.
Kakao Pay intends to acquire an additional 31.1% of Siebert of
newly issued shares for approximately $60.5 million, subject to
shareholder and regulatory approval.
- Signed a five-year lease in the World Financial Center in New
York City, expanding presence in New York and providing savings on
occupancy costs
Management Commentary
"I am excited to be leading Siebert during this pivotal time and
am proud to report incredible results for the first quarter leading
as CEO,” said John J. Gebbia, CEO of Siebert. Our second quarter
results demonstrate the diversity of our business model and how
we’re able to successfully navigate market conditions to execute on
our growth strategy.”
John J. Gebbia continued, “We are laser-focused on delivering on
our strategic objectives, creating value for our stakeholders, and
ultimately empowering our clients’ success through our diversified
offerings. We enter the second half of the year with significant
momentum and continue to work closely with Kakao Pay on a variety
of initiatives including launching correspondent clearing and
various technology opportunities to expand our reach, enhance our
offerings, and strengthen our value proposition. There is a
tremendous opportunity ahead for Siebert to capture opportunities
in the current market environment while supporting client needs in
the future. I look forward to leading Siebert into its next chapter
of growth and impact as we build on Muriel Siebert’s legacy while
creating long-term shareholder value.”
Andrew Reich, CFO of Siebert, commented: “We delivered solid
results this quarter as our business benefited from improved market
conditions along with the rise in interest rates. Our stock loan
department continues to grow and achieved one of its best quarters
ever and we continue to see growth in the current interest rate
environment. The additional capital from the Kakao Pay investment
was immediately deployed and we are already seeing a positive
contribution to our financial results. Our flexible balance sheet
keeps us well-positioned to navigate the remainder of the year as
we focus on profitable growth and the expansion of our
capabilities.”*
*Refer to Siebert’s 2023 Q2 10-Q, Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations.
Notice to Investors
This communication is provided for informational purposes only
and is neither an offer to sell nor a solicitation of an offer to
buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert is a diversified financial services company that has
been in business and a member of the NYSE since 1967 when Muriel
Siebert became the first woman to own a seat on the NYSE and the
first to head one of its member firms.
Siebert operates through its subsidiaries Muriel Siebert &
Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc.,
Rise Financial Services, LLC, Siebert Technologies, LLC and
StockCross Digital Solutions, Ltd. Through these entities, Siebert
provides a full range of brokerage and financial advisory services
including securities brokerage, investment advisory and insurance
offerings, securities lending, and corporate stock plan
administration solutions. For over 55 years, Siebert has been a
company that values its clients, shareholders, and employees. More
information is available at www.siebert.com.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, that are not
historical facts, including statements about our beliefs and
expectations, are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements preceded by, followed
by or that include the words “may,” “could,” “would,” “should,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,”
“project,” “intend” and similar words or expressions. In addition,
any statements that refer to expectations, projections, or other
characterizations of future events or circumstances are
forward-looking statements.
These forward-looking statements, which reflect our management’s
beliefs, objectives, and expectations as of the date hereof, are
based on the best judgement of our management. All forward-looking
statements speak only as of the date on which they are made. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions relating to factors that could cause
actual results to differ materially from those anticipated in such
statements, including, without limitation, the following: economic,
social and political conditions, global economic downturns
resulting from extraordinary events such as the COVID-19 pandemic
and other securities industry risks; interest rate risks; liquidity
risks; credit risk with clients and counterparties; risk of
liability for errors in clearing functions; systemic risk; systems
failures, delays and capacity constraints; network security risks;
competition; reliance on external service providers; new laws and
regulations affecting our business; net capital requirements;
extensive regulation, regulatory uncertainties and legal matters;
failure to maintain relationships with employees, customers,
business partners or governmental entities; the inability to
achieve synergies or to implement integration plans and other
consequences associated with risks and uncertainties detailed in
our filings with the SEC, including our most recent filings on
Forms 10-K and 10-Q.
We caution that the foregoing list of factors is not exclusive,
and new factors may emerge, or changes to the foregoing factors may
occur, that could impact our business. We undertake no obligation
to publicly update or revise these statements, whether as a result
of new information, future events or otherwise, except to the
extent required by the federal securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807022960/en/
Investor Relations: Alex Kovtun and Matt Glover Gateway
Group, Inc. 949-574-3860 sieb@gateway-grp.com
Siebert Financial (NASDAQ:SIEB)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Siebert Financial (NASDAQ:SIEB)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
